With inflation, recession, and the cost-of-living crisis constantly in the news, it’s no wonder Americans are feeling financial stress.
Online searches for financial therapy are up 60 percent year-on-year and the question, “how not to stress about money” has been searched 53 percent more times since just a year ago. Searches for financial wellness have increased by 52 percent in the last three months alone. Additionally, the financial wellbeing app Stackin has seen subscriptions to its service increase by 233 percent in the last month as more and more Americans realize they need help managing their money and their mental health.
Here is some advice for focusing on financial wellbeing and mental health during this time of uncertainty.
Step 1: Identify the reason for the stress
Acknowledging your money challenges is the first step towards tackling them. It is important to understand how these challenges affect your finances and the stress they cause. This can feel overwhelming at first. However, it can also be effective in streamlining all your jumbled thoughts.
Step 2: Prioritize tackling them according to your comfort level
Rather than tackle all your challenges at once, start by creating a list of money issues that need to be prioritize and fit well with your schedule and income for the next three to six months. This way, you handle one problem at a time without feeling overwhelmed.
Step 3: Create a strategy
Determine your goals, map out your plan, and reduce your stress by tracking each milestone. Having a strategy in place for tackling financial burdens is the best way to stop them from affecting your mental health.
